First newbuild jack-up built in Mid East loads out at Sharjah, UAE, yard of MIS

January 14, 2008

MIS names first newbuild jack-up from Mid East yard

Maritime Industrial Services Co. Ltd. Inc (OSE: MIS) today held a naming ceremony at its Sharjah, UAE, yard for first offshore jack-up drilling rig to be built in the Middle East region, SeaWolf Oritsetimeyin.

The ceremony was held under the auspices and attendance of His Highness Sheikh Ahmed bin Sultan Al Qassimi, Deputy Ruler of Sharjah and Chairman of Sharjah Petroleum Council, His Highness Sheikh Sultan bin Ahmed bin Sultan Al Qassimi, Deputy Chairman of Sharjah Petroleum Council and His Highness Sheikh Khaled bin Abdullah Al Qassimi, Chairman of the Sharjah Seaports and Customs Department.

SeaWolf Oritsetimeyin, originally contracted by Mosvold Jackup Ltd. in 2006, is the first of two offshore jack-up drilling rigs being built by MIS for SeaWolf Oilfield Services Limited, a Nigerian drilling company, under a $254 million contract.

The rig, scheduled for delivery on August 30, is a Friede and Goldman Super Mod 2 design with 30,000 foot rated drilling depth and an operating water depth capability of 300 feet (92 meters). SeaWolf Onome, SeaWolf's second jack up rig under construction at MIS, has the same specifications and is on time for scheduled delivery in December 2008.

"Maritime Industrial Services is very proud of its achievement in building the very first jack-up drilling rig not only in the United Arab Emirates, but the Middle East as a whole. MIS is pleased to demonstrate its capabilities and resources here in the Middle East to supply them to the rest of the world and not just to the region itself. This demonstrates that the Middle East is not just a source of oil wealth, it is also a source of oil and gas engineering and excellence" said Jerry Smith, Managing Director of MIS.

"We are clearly pleased that MIS has justified our confidence by meeting and in fact exceeding its commitments to SeaWolf. MIS's timely delivery, to specifications and cost control, are testament to our confidence --and allows us to meet our commitments to our investors" said Adolor Uwamu, CEO of SeaWolf Oilfield Services Limited, Nigeria.

Last August, MIS' secured an order for a third Friede & Goldman Super M2 for client KSAM2 Petrodrill Offshore Inc. under a contract worth $148 million that has since been increased to $152 million with the execution of a contract variation order for additional equipment.

This third rig--Hull 107--is scheduled for delivery in February 2010. The construction of Hull 107 has already started and the keel was laid on January 13th, ahead of schedule, in the space in MIS's shipyard that was vacated by the SeaWolf Oritsetimeyin